Market forces + Oil | The Guardianhttp://www.theguardian.com/business/series/market-forces+oil
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Afren slumps by 55% as it seeks new fundinghttp://www.theguardian.com/business/marketforceslive/2015/jan/27/afren-slumps-by-55-as-it-seeks-new-funding
<p>Struggling oil producer needs to tap shareholders for cash worth more than market value</p><p>Troubled oil producer <strong>Afren</strong> has lost half of its value after admitting it needed to raise funds in excess of its market capitalisation to avoid running out of cash.</p><p>The company has suffered a number of problems, including finding unauthorised payments which led to the dismissal of a number of top executives and suspending operations in Iraq Kurdistan after finding dry wells.<br /></p><p>Assuming the company’s current debt structure remains unchanged, there is an equity funding requirement which is likely to be significant and in excess of the company’s current market capitalisation.</p><p>New funds will be required to meet interest and principal repayments, working capital and a reduced capital expenditure programme.</p><p>We have previously flagged the balance sheet risk for Afren and it is now in a position where it seeks funding to address its additional requirements. Assuming its current debt structure remains unchanged, there is an equity funding requirement which is likely to be significant and in excess of its current market capitalisation (&pound;196m). </p><p>Despite the painful introspective that the company has undertaken recently, there was always a sense that the underlying business was managed in a way that provided some measure of resilience.</p><p>It is somewhat shocking then to hear that the debt needs to be restructured and scheduled payments deferred. Whilst we accept that the magnitude of the downward spike in the oil price has been dramatic, we must also try to understand why the risks in the business were allowed to build to such a level.</p> <a href="http://www.theguardian.com/business/marketforceslive/2015/jan/27/afren-slumps-by-55-as-it-seeks-new-funding">Continue reading...</a>BusinessOilTue, 27 Jan 2015 09:55:02 GMThttp://www.theguardian.com/business/marketforceslive/2015/jan/27/afren-slumps-by-55-as-it-seeks-new-fundingPhotograph: STRINGER/IRAQ/REUTERSAfren hit by problems in Kurdistan. Photo: Reuters/Iraq/StringerPhotograph: STRINGER/IRAQ/REUTERSAfren hit by problems in Kurdistan. Photo: Reuters/Iraq/StringerNick Fletcher2015-01-27T09:55:02ZFTSE flies high on Fed rate hints and Greek hopeshttp://www.theguardian.com/business/marketforceslive/2014/dec/18/ftse-flies-high-on-fed-rate-hints-and-greek-hopes
<p>Santa rally kicks off in earnest as investors brush aside Russian and Greek worries</p><p>The nervous Santa rally which began this week took flight in earnest on Thursday, and it was mainly central banks behind the surge once more.</p><p>Markets were initially buoyed by the overnight news from the US Federal Reserve that it was “patient” about raising interest rates, which saw the dollar slip and commodities climb. Concerns that an early Fed increase could dampen global economic growth were allayed - for now.</p> <a href="http://www.theguardian.com/business/marketforceslive/2014/dec/18/ftse-flies-high-on-fed-rate-hints-and-greek-hopes">Continue reading...</a>Market turmoilTescoJ SainsburyCRHARMOilOld MutualSABMillerAstraZenecaInternational Airlines GroupUnited UtilitiesCoca-Cola Hellenic Bottling CompanyBTAvevaThu, 18 Dec 2014 17:09:35 GMThttp://www.theguardian.com/business/marketforceslive/2014/dec/18/ftse-flies-high-on-fed-rate-hints-and-greek-hopesPhotograph: Seth Wenig/APTraders at the New York Stock Exchange as markets surge. Photo: Seth Wenig/AP.Photograph: Seth Wenig/APTraders at the New York Stock Exchange as markets surge. Photo: Seth Wenig/AP.Nick Fletcher2014-12-18T17:09:35ZFTSE 100 edges higher despite oil company fall, as Imperial Tobacco gainshttp://www.theguardian.com/business/marketforceslive/2014/nov/04/ftse-100-edges-higher-despite-oil-company-fall-as-imperial-tobacco-gains
<p>Cigarette maker reports in-line results and lifts dividend despite challenging markets</p><p>Despite oil companies proving a drag on the market, leading shares are managing to make a little headway.</p><p><strong>Imperial Tobacco</strong> is among the main risers, up 79p to &pound;27.46. The cigarette maker saw a decline in full year revenues and profits, hit by exchange rates and declining sales as people cut back or quit smoking. But it has tackled this with cost cuts, saving &pound;60m during the year, and the figures were in line with expectations. Tobacco revenues fell 6% to &pound;6.5bn and adjusted operating profit was down 5% to &pound;3bn.</p><p>Trading conditions remain tough in many territories but the actions we’ve taken to enhance the quality and sustainability of the business have put us in a stronger position to drive growth and create sustainable value for our shareholders.</p><p>Imperial Tobacco released 2014 full year results which were in line with both the market and our own expectations.</p><p>Importantly, Imperial delivered its promised 10% dividend advance in 2014 and remains on track to hand over a similar gain in 2015.</p><p>Following the market weakness at the end of the third quarter and beginning of the fourth, we are turning more positive on the European asset managers and upgrade Schroders to outperform (from neutral)... we reinstate coverage on Man Group with an outperform rating and 138p target price. We expect the European asset managers to deliver strong 2014-16 earnings per share compound annual growth rates, which, combined with strengthening surplus capital positions, indicates scope for a significant ramp-up in shareholder distributions.</p> <a href="http://www.theguardian.com/business/marketforceslive/2014/nov/04/ftse-100-edges-higher-despite-oil-company-fall-as-imperial-tobacco-gains">Continue reading...</a>BusinessImperial TobaccoLegal and GeneralOilRoyal Dutch ShellBPTullow OilSchrodersManTue, 04 Nov 2014 09:46:15 GMThttp://www.theguardian.com/business/marketforceslive/2014/nov/04/ftse-100-edges-higher-despite-oil-company-fall-as-imperial-tobacco-gainsPhotograph: Bloomberg/Bloomberg via Getty ImagesImperial Tobacco lifted by positive update. Photo:. Chris Ratcliffe/Bloomberg via Getty ImagesPhotograph: Bloomberg/Bloomberg via Getty ImagesImperial Tobacco lifted by positive update. Photo:. Chris Ratcliffe/Bloomberg via Getty ImagesNick Fletcher2014-11-04T09:46:15ZFTSE falters after bright start as oil and technology companies drag down markethttp://www.theguardian.com/business/marketforceslive/2014/oct/20/ftse-falters-after-bright-start-as-oil-and-technology-companies-drag-down-market
<p>Disappointing updates from SAP and IBM hit shares, while crude price slides again</p><p>A fall in oil and technology shares sent leading shares lower again after an early attempt at a rally fizzled out.</p><p>With continuing worries about the state of the global economy, crude prices slipped further with Brent down another 1.65% to $84.74 a barrel.</p><p>Sears refers in its statement to its on-going transformation to “one of the largest real estate portfolios in the US over time”. It is progressively moving from retailer to landlord.</p><p>To put this in context Sears has over 2,000 stores in the US and can offer a huge amount of floor space to any would-be tenant. Teaming up with ABF/Primark would seem to open enormous possibilities down the line should Primark’s foray in to the North East prove a success and a springboard into the rest of the US.</p><p>Well, it looks as if Tesco will keep their powder dry on Thursday on the UK turnaround strategy and play down any rights issue plans, so will that tempt Sainsbury to have a rights issue on the back of its interims/strategy update on 12 November?</p><p>bwin.party’s capacity to “pull itself up by its bootstraps” could be just the investment case that investors are looking for in these turbulent markets. After years of frustration and disappointment there is bound to be scepticism, but the third quarter update showed signs of green shoots. Product upgrades are being developed and delivered more quickly, supporting growth where it matters, in sports, and in nationally regulated and/or taxed markets.</p><p>We can see the attractions of giving priority to breaking up the group. However, maximising value depends on negotiating from a position of strength and recent management actions may be providing that strength. We believe the shares are priced for a continuation of the status quo. The most recent trading data however, suggests that things are beginning to change.</p> <a href="http://www.theguardian.com/business/marketforceslive/2014/oct/20/ftse-falters-after-bright-start-as-oil-and-technology-companies-drag-down-market">Continue reading...</a>BusinessOilTechnologyBGTullow OilRoyal Dutch ShellPetrofacIBMARMAssociated British FoodsTescoJ SainsburyEvrazMon, 20 Oct 2014 16:15:11 GMThttp://www.theguardian.com/business/marketforceslive/2014/oct/20/ftse-falters-after-bright-start-as-oil-and-technology-companies-drag-down-marketPhotograph: CARL COURT/AFP/Getty ImagesCrude prices continue to slide and hit oil company shares. Photo: AFP?Getty Images, Carl CourtPhotograph: CARL COURT/AFP/Getty ImagesCrude prices continue to slide and hit oil company shares. Photo: AFP?Getty Images, Carl CourtNick Fletcher2014-10-20T16:15:11ZFTSE 100 slumps on Shire deal doubts but airlines rise on falling oil pricehttp://www.theguardian.com/business/marketforceslive/2014/oct/15/ftse-100-slumps-on-shire-deal-doubts-but-airlines-rise-on-falling-oil-price
<p>International Airlines Group and easyJet lead risers but healthcare drags market down</p><p>Leading shares are on the slide again as the healthcare sector was hit by news that a US bid for <strong>Shire</strong> <a href="http://www.theguardian.com/business/2014/oct/15/shire-shares-crash-abbvie-takeover-drug-us-tax-inversion-deal"><strong>may not go ahead.</strong></a></p><p>But the continuing decline in the oil price has once more benefited travel and transport companies, thanks to the prospect of lower fuel costs.</p><p>With a firm price now in the open we can’t rule out other bidders but only a handful of semiconductor companies could compete with Qualcomm on this, in our view.</p> <a href="http://www.theguardian.com/business/marketforceslive/2014/oct/15/ftse-100-slumps-on-shire-deal-doubts-but-airlines-rise-on-falling-oil-price">Continue reading...</a>Market turmoilOilBusinessInternational Airlines GroupeasyJetTui TravelCarnivalTullow OilRoyal Dutch ShellAstraZenecaSmith and NephewWed, 15 Oct 2014 08:48:14 GMThttp://www.theguardian.com/business/marketforceslive/2014/oct/15/ftse-100-slumps-on-shire-deal-doubts-but-airlines-rise-on-falling-oil-pricePhotograph: imagebroker / Alamy/AlamyTui Travel shares benefit from hopes of lower fuel costs. Photo: AlarmyPhotograph: imagebroker / Alamy/AlamyTui Travel shares benefit from hopes of lower fuel costs. Photo: AlarmyNick Fletcher2014-10-15T08:48:14ZFTSE 100 falls again as Burberry drops but mining shares provide some supporthttp://www.theguardian.com/business/marketforceslive/2014/oct/14/ftse-100-falls-again-as-burberry-drops-but-mining-shares-provide-some-support
<p>Investors continue to be rattled by global concerns and poor trading updates</p><p>Mining shares are helping to support the market in what looks set to be another volatile day.</p><p>Following on from better than expected trade data on Monday from China, a key consumer of commodities, <strong>Anglo American</strong> has added 41.5p to 1429.5p, <strong>BHP Billiton</strong> is 18.5p better at &pound;16.79 and <strong>Rio Tinto</strong> has risen 85p to &pound;31.75. Five of the top ten risers in the FTSE 100 are mining shares.</p><p>Oil prices continue to fall, as a price war appears to be unfolding between Opec producers and the rest of the world. In previous cycles, the US economy would have benefited from lower oil prices, but with the US now a major oil producer, lower oil prices are having a negative effect. Oil importing countries including Europe, Japan and China should benefit from lower oil prices overall, but they do so against the backdrop of a weaker US.</p><p>We have been sellers of Hargreaves, not because we think it is a bad business, quite the reverse. However, we have been concerned about margin pressure and the ability to grow at the sort of rates the market valuation implies. Today’s statement confirms that both of these points continue to be issues.</p> <a href="http://www.theguardian.com/business/marketforceslive/2014/oct/14/ftse-100-falls-again-as-burberry-drops-but-mining-shares-provide-some-support">Continue reading...</a>BusinessMarket turmoilOilMiningBHP BillitonAnglo AmericanRio TintoBPBurberryMulberryHargreaves LansdownMichael Page InternationalTue, 14 Oct 2014 09:01:51 GMThttp://www.theguardian.com/business/marketforceslive/2014/oct/14/ftse-100-falls-again-as-burberry-drops-but-mining-shares-provide-some-supportPhotograph: BHP BILLITON/AFP/Getty ImagesBHP Billiton processing plant near the Olympic Dam mine in South Australia. Photo: BHP BillitonAFP/Getty ImagesPhotograph: BHP BILLITON/AFP/Getty ImagesBHP Billiton processing plant near the Olympic Dam mine in South Australia. Photo: BHP BillitonAFP/Getty ImagesNick Fletcher2014-10-14T09:01:51ZMarket forces: Oil on troubled markets | Open door at Travelodge | Rusal needs rescuing | Time to NAB a bargainhttp://www.theguardian.com/business/2009/jun/14/market-forces-ing-bank-travelodge
<p><strong>Oil on troubled markets</strong></p><p>Analysts at Dutch bank ING fear that the stockmarket is about to tumble. As always, the trick is to hold your nerve for the next rally and invest in stocks with defensive qualities. Among the pick of ING's crop is the oil group BP. The company should be cushioned by the relatively strong oil price, and bolstered by cost-cutting measures that have been implemented over the past 12 months. Buy up to 565p.</p> <a href="http://www.theguardian.com/business/2009/jun/14/market-forces-ing-bank-travelodge">Continue reading...</a>BusinessUK newsBankingOilTravel & leisureRecessionSat, 13 Jun 2009 23:01:00 GMThttp://www.theguardian.com/business/2009/jun/14/market-forces-ing-bank-travelodgeRichard Wachman2009-06-13T23:01:00ZMarket forceshttp://www.theguardian.com/business/2009/jan/11/punch-taverns-oil-market-forces
<p>Pub groups have been hammered by the downturn in consumer spending, Punch Taverns being a case in point. Its stretched balance sheet and heavy indebtedness has scared investors and the shares have plummeted by around 90 per cent to 70p in a year. This week's trading statement is awaited with understandable nervousness after the company disclosed it had plunged into the red when it published annual results in November. Since then sentiment has gone from bad to worse, with house broker Morgan Stanley publishing a report highlighting the possibility that the company could be forced into a debt-for-equity swap by its bankers. </p> <a href="http://www.theguardian.com/business/2009/jan/11/punch-taverns-oil-market-forces">Continue reading...</a>Punch TavernsOilBusinessSun, 11 Jan 2009 00:01:00 GMThttp://www.theguardian.com/business/2009/jan/11/punch-taverns-oil-market-forcesRichard Wachman2009-01-11T00:01:00ZMarket forces: Tullow Oil in demandhttp://www.theguardian.com/business/2008/aug/21/marketforces.tullowoil
<p>Tullow Oil was in demand yesterday after some positive comment from analysts and suggestions that it could be a takeover candidate.</p><p>The oil and gas explorer, which is due to release half-year results next Wednesday, added 47.5p to 741.5p after UBS raised its recommendation from neutral to buy and set a 950p target.</p> <a href="http://www.theguardian.com/business/2008/aug/21/marketforces.tullowoil">Continue reading...</a>BusinessTullow OilOilOil and gas companiesWed, 20 Aug 2008 23:01:00 GMThttp://www.theguardian.com/business/2008/aug/21/marketforces.tullowoilNick Fletcher2008-08-20T23:01:00ZMarket forces: $200 a barrel oil is good news for Cairnhttp://www.theguardian.com/business/2008/may/16/cairnenergybusiness.stockmarkets
<p><strong>Cairn Energy</strong> was among the leading risers yesterday after a hefty note on the oil exploration and production sector by analysts at UBS.</p><p>The bank - which said the price of crude oil could reach $200 a barrel by 2015 - raised its recommendation on Cairn from neutral to buy and its price target from &pound;32.50 to &pound;45. UBS said Cairn was particularly well placed to benefit from rising oil prices as it has a large reserve base in development. &quot;Our more bullish view is supported by the company's progress regarding the Rajasthan developments,&quot; it added. &quot;Most notably, the Indian government has agreed to pay for the export pipeline, and with the contracts for the pipeline's construction now awarded, we have growing faith in a start-up for the Mangala field in the second half of 2009.&quot;</p> <a href="http://www.theguardian.com/business/2008/may/16/cairnenergybusiness.stockmarkets">Continue reading...</a>Cairn EnergyOilBusinessThu, 15 May 2008 23:26:36 GMThttp://www.theguardian.com/business/2008/may/16/cairnenergybusiness.stockmarketsNick Fletcher2008-05-15T23:26:36ZNick Huber: Retailers see sudden rush to buyhttp://www.theguardian.com/business/2008/apr/29/marketforces.retail
<p>London's top share index ended slightly lower yesterday after early gains on record oil prices, strong results and reports of another multibillion-pound bank rights issue faded after a muted opening from Wall Street.</p><p><strong>Whitbread</strong>, up 37p at &pound;12.26, was among the top risers after the owner of Britain's biggest hotel and coffee-shop chains announced plans to expand its Premier Inn and Costa Coffee shops significantly. It also reported better than expected annual results.</p> <a href="http://www.theguardian.com/business/2008/apr/29/marketforces.retail">Continue reading...</a>Retail industryCredit crunchWhitbreadFood & drink industryBankingBPRoyal Dutch ShellOilBusinessMon, 28 Apr 2008 23:04:06 GMThttp://www.theguardian.com/business/2008/apr/29/marketforces.retailNick Huber2008-04-28T23:04:06ZNick Fletcher : Buffett rumour ignites interest in Centricahttp://www.theguardian.com/business/2008/apr/23/oil.centricabusiness
<p>British Gas owner <strong>Centrica</strong> climbed 4.5p to 305p yesterday on talk of stakebuilding by billionaire investment guru Warren Buffett. The world's richest man was said by traders to be buying shares through his Berkshire Hathaway conglomerate, and at 21m, the volume of Centrica shares traded was higher than in recent days.</p><p>Buffett is known for taking stakes in what he perceives as undervalued and defensive companies, such as Coca-Cola, Kraft Foods and Tesco. Through its MidAmerican Energy subsidiary, Berkshire Hathaway also owns UK utilities Yorkshire Electricity and Northern Electric, which between them serve 3.8m customers.</p> <a href="http://www.theguardian.com/business/2008/apr/23/oil.centricabusiness">Continue reading...</a>OilCentricaBusinessWarren BuffettTue, 22 Apr 2008 23:11:47 GMThttp://www.theguardian.com/business/2008/apr/23/oil.centricabusinessNick Fletcher2008-04-22T23:11:47ZNick Huber: Oil provides light at end of five-day tunnelhttp://www.theguardian.com/business/2008/apr/16/marketforces.oil
<p>A Brazilian oil bonanza, bumper profits, and settlement of a legal dispute in the drug industry helped Britain's blue-chip share index end higher yesterday. The FTSE 100 closed up 75.3 points at 5906.9, ending five days of consecutive falls.</p><p><strong>Tesco</strong> was the biggest riser after Britain's biggest retailer reported record annual profits of &pound;2.8bn and said the new financial year had started strongly despite the economic downturn. It closed up 28.5p, or 7%, at 419.25p </p> <a href="http://www.theguardian.com/business/2008/apr/16/marketforces.oil">Continue reading...</a>OilBusinessTue, 15 Apr 2008 23:39:03 GMThttp://www.theguardian.com/business/2008/apr/16/marketforces.oilNick Huber2008-04-15T23:39:03ZReversal for resources, relief for othershttp://www.theguardian.com/business/2008/mar/21/mining.oil
<p>Miners and oil stocks lost ground yesterday as commodity prices dropped sharply, on fears that a prolonged US recession would lead to falling demand.</p><p>Oil slid below $100 a barrel, with gold and platinum both down about 4% as profit-takers moved in. The dollar saw a mini-revival as investors moved their cash from commodities to the US currency.</p> <a href="http://www.theguardian.com/business/2008/mar/21/mining.oil">Continue reading...</a>MiningOilBusinessFri, 21 Mar 2008 00:08:00 GMThttp://www.theguardian.com/business/2008/mar/21/mining.oilNick Fletcher2008-03-21T00:08:00ZMarket forces: Interest rate decision takes its toll on FTSEhttp://www.theguardian.com/business/2008/jan/12/marketforces.interestrates
Market forces<p>The Bank of England's decision to keep interest rates on hold on Thursday was not popular with the market yesterday, and the <strong>FTSE 100</strong> closed down 20.7 points, or 0.3%, at 6202, after falling as much as 1.2% during the day.</p><p><strong>Unilever</strong> was one of the top fallers in the index of 100 leading shares, following a downgrade from Morgan Stanley. Analysts at the bank downgraded the company to underweight from equal-weight, saying the operational improvement delivered by management during the past three years was now fully reflected in the price.</p> <a href="http://www.theguardian.com/business/2008/jan/12/marketforces.interestrates">Continue reading...</a>Interest ratesUnileverOilBPPersimmonPremier FoodsFood & drink industryBusinessSat, 12 Jan 2008 23:37:53 GMThttp://www.theguardian.com/business/2008/jan/12/marketforces.interestratesMarianne Barriaux2008-01-12T23:37:53ZMarket forces: Taxing time for BP, worrying time for M&amp;Shttp://www.theguardian.com/business/2008/jan/10/bp.oil
<p><strong>BP</strong> shares fell 23p to 610.5p as word went around the market that the company was advising analysts to lower their forecasts for the fourth quarter. While BP denied this was the case, it is true that it had rung analysts to get their estimates ahead of the announcement of its figures on February 5. This seems to have concentrated minds, and as a consequence Merrill Lynch for one has slashed its fourth-quarter numbers - by a hefty 25%. In a five-page note out yesterday, Merrill pointed to a higher tax charge because of the recent surge in the oil price to - briefly - $100 a barrel.</p><p>Analyst Mark Iannotti said: &quot;We increase our fourth-quarter tax charge to 43% from 36%. This is largely due to tax that will be accrued in the quarter on significant profits (in excess of $1bn) made on inventory gains. Note that in the fourth quarter of 2006, when the company made roughly the same level of inventory losses as gains this year, the tax rate fell from a 'normal' 35% to 25%.&quot;</p> <a href="http://www.theguardian.com/business/2008/jan/10/bp.oil">Continue reading...</a>BPOilMarks & SpencerRetail industryNextPharmaceuticals industryAstraZenecaGlaxoSmithKlineBusinessOil and gas companiesThu, 10 Jan 2008 00:02:36 GMThttp://www.theguardian.com/business/2008/jan/10/bp.oilNick Fletcher2008-01-10T00:02:36ZMarket forces: Cairn Energy breaks 100 and keeps risinghttp://www.theguardian.com/business/2007/dec/29/cairnenergybusiness.oil
<p>It has been an excellent week for oil and gas explorer <strong>Cairn Energy</strong>. On Monday it joined the ranks of the FTSE 100, and for the past two days it has been the leading riser in the index.</p><p>This is partly owing to the strength of the oil price, which has climbed to more than $97 a barrel in the wake of the Benazir Bhutto assassination. There is also an element of takeover speculation surrounding the company, with the likes of BP mentioned as potential predators. Yesterday Cairn closed 90p higher at &pound;30.90.</p> <a href="http://www.theguardian.com/business/2007/dec/29/cairnenergybusiness.oil">Continue reading...</a>Cairn EnergyOilBusinessSat, 29 Dec 2007 23:37:17 GMThttp://www.theguardian.com/business/2007/dec/29/cairnenergybusiness.oilNick Fletcher2007-12-29T23:37:17ZEnergy worries boost utilities and minershttp://www.theguardian.com/business/2007/dec/28/marketforces.royaldutchshell
<p>Energy groups and utility companies kept the UK market in positive territory as investors sought safe havens after the assassination of Benazir Bhutto in Pakistan yesterday.</p><p>News of the killing sent oil prices higher, boosted precious metals such as gold and platinum, and gave a lift to the euro. Oil had already been trading strongly during the morning after reports of escalating tension between Turkey and Kurds in northern Iraq, but the events in Pakistan saw it edge closer to $97 a barrel. On top of the geopolitical worries came data showing US oil inventories fell last week to their lowest level since January 2005.</p> <a href="http://www.theguardian.com/business/2007/dec/28/marketforces.royaldutchshell">Continue reading...</a>Royal Dutch ShellBPMiningRio TintoOilBHP BillitonBusinessFri, 28 Dec 2007 23:47:41 GMThttp://www.theguardian.com/business/2007/dec/28/marketforces.royaldutchshellNick Fletcher2007-12-28T23:47:41ZShot of energy amid credit crunch gloomhttp://www.theguardian.com/business/2007/dec/14/marketforces.oil
<p>On a day when investors took little comfort from the unprecedented central bank intervention to help ease the credit crunch, the energy company <strong>BG</strong> was a bright spot in the gloom.</p><p>The company was one of just five risers in the leading index, up 8p to &pound;10.91. Traders reported continuing speculation of stakebuilding - with one story suggesting People's Bank of China was adding to its 0.5% shareholding. On top of that, Merrill Lynch issued a positive note with a &pound;12-a-share price target. It said the company was showing strong growth with high margins, had an extensive portfolio of assets and a good exploration track record. Merrill added: &quot;It is still high on the list of global takeover candidates.&quot;</p> <a href="http://www.theguardian.com/business/2007/dec/14/marketforces.oil">Continue reading...</a>OilRetail industryBusinessFri, 14 Dec 2007 23:42:37 GMThttp://www.theguardian.com/business/2007/dec/14/marketforces.oilNick Fletcher2007-12-14T23:42:37ZSoaring oil price adds to credit crunch gloomhttp://www.theguardian.com/business/2007/nov/22/marketforces.creditcrunch
Market forces<p>A fresh bout of worries about the credit crunch and the continuing strength of the price of oil pushed the <strong>FTSE 100</strong> into negative territory for the year.</p><p>The leading index closed down 155.6 points at 6070.9, well below the 6220.8 level where it started in January. So far this week it has lost around 210 points.</p> <a href="http://www.theguardian.com/business/2007/nov/22/marketforces.creditcrunch">Continue reading...</a>BusinessCredit crunchOilNorthern RockParagonBankingThu, 22 Nov 2007 23:53:09 GMThttp://www.theguardian.com/business/2007/nov/22/marketforces.creditcrunchNick Fletcher2007-11-22T23:53:09Z